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Car Finance

Whether you’re looking to get the hottest car on the market or just your first car, Oceania Finance can help. Our car finance brokers can handle the tricky stuff so you don’t get bogged down in the details. Speak to our personal finance brokers today.

 

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Car finance explained

What is car finance?

Car finance, or a car loan, is a type of personal loan. Unlike personal loans, car loans have a specific use and you only receive the amount of money needed to buy the car. Car loans are typically secured loans that use the intended car as collateral. There are a number of different ways to finance a car, which we cover below.

 

How much can I borrow?

You can borrow up to $150,000 for your car through Oceania Finance.

Learn more: How Much Can I Borrow For A Car Loan?

 

A couple that's happy after financing their new car | Oceania Finance

 

Types of car finance

To help you choose the right vehicle finance for you, we’ve listed some common types below:

  • New car loan
  • Used car loan
  • Vehicle finance for business use

Learn more: business vehicle loans

 

How it works

How to get a car loan in Australia

Most major lenders in Australia will have an online loan application process you can go through. Once you’ve researched the best car loan option for you, you can apply directly online or learn more about how to apply for a car loan. You’ll need to make sure you meet the eligibility requirements and have the right documents ready.

 

Eligibility

The following are the basic eligibility requirements to qualify for vehicle finance:

  • Be 18 years old or over
  • Have a regular income
  • Have not filed for bankruptcy
  • Be a permanent Australian resident or relevant visa holder

 

Required documents

The exact document requirements will depend on what lender you get a loan from and what vehicle you are getting. Here are the basic document requirements for applying online for vehicle finance in Australia:

  • Certified copy of your passport or identity document
  • Proof of income and employment details
  • Proof of address
  • Assets and liabilities
  • Registration details of the vehicle

 

Where to get car finance?

You can get a car loan from:

  • Car dealerships
  • Banks or private lenders
  • Finance brokers

To make finding the right loan for you easy and stress-free, you can seek out a personal loan broker to source and secure one for you. They are able to negotiate with lenders for better rates and fees to suit your individual circumstances. They also take care of the loan application for you, which helps speed up the process.

 

Types of car finance

There are a number of ways you can finance your new or used car. If you’re not sure what option suits you best, talk to one of our expert brokers today and get started on your finance journey.

  • Secured car loan: with a secured car loan, a lender will provide you with the cash you need to purchase your car. The car will be used as security for the loan.
  • Unsecured loan: unlike standard car loans, an unsecured personal loan is not tied to your vehicle or any other asset.
  • Car lease: a car lease usually comes with lower monthly costs than if you were paying off a car loan. However, when you lease a car you do not own the vehicle.
  • Novated lease: a novated lease, also known as salary sacrificing, is an agreement between you and your employer. They take on the responsibility of making repayments and covering other costs associated with the car like fuel, repairs and maintenance. In return, a part of your salary is sacrificed to cover the costs.
  • Dealership finance: dealer financing is a type of loan offered by the dealer themselves.

 

Which car finance is best?

Choosing the best car loan will depend on your individual circumstances, what kind of car you want, what you need it for, what your financial situation is. And even when you have the answers to all these questions there are still lender options, negotiations, and technical jargon to wade through. All this makes the car finance process gruelling and gets in the way of enjoying your new ride.

A loan broker can advise you on the best way to finance your automobile. With the almost endless amount of finance options out there, it can be daunting to try and find what’s going to work for you. An experienced broker knows how to cut through the noise so you can get the car you need fast.

 

Loans for every reason

Need a personal loan for another type of vehicle? Learn more about how we can help you secure:

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Loan amounts

Up to $150,000

Loan terms

3, 5, and 7 years (depending on the age of the asset)

Loan types

Secured and unsecured

Repayments

Weekly, fortnightly, and monthly

Interest rate

Fixed

Car Finance FAQs

If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.

Are car finance rates negotiable?

A car loan broker can negotiate with the lender to get you a better deal on your car finance.

Can car finance be in joint names?

Yes, car finance can be in joint names. The specific application and eligibility requirements will depend on the lender. Often a joint loan will be taken out by long-term partners, married couples, or joint business owners.

Will car finance affect my credit score?

Just like other types of loans, a car loan will affect your credit score. It will have a positive impact if you make payments on time and eventually settle your loan. And it will have a negative impact on your credit score if you miss payments.

Can car finance be transferred to another person?

While you can transfer ownership of an encumbered car to another person, it is unlikely that you will be able to transfer the car loan.

Responsible lenders are required by law in Australia to meet certain requirements that ensure the person getting a loan will reasonably be able to repay it. This is why credit history checks and financial records are required before a loan can be approved. A lender would not have access to this in the event of you transferring the debt to another person.

Should I use a car finance broker?

Some people prefer to handle everything themselves and there are a lot of resources available to help guide you through the process. But there are a lot of car finance options available in Australia and it can be hard to know which way to go.

A car finance broker streamlines the application process and negotiates to get the best deal for you. By using a loan broker you can relax and feel confident that you’re getting a loan deal that will fit your unique circumstances and needs.

Can you pay off a car loan early?

This depends on the terms and conditions set out in your car loan.

Why choose Oceania Finance?

Business-Loans-Large- network-of-specialist-lenders-Oceania-Finance

Large network of specialist lenders

Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.

Tailored loan solutions

Tailored loan solutions

Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.

vehicle finance - friendly, local expertise at Oceania Finance

Friendly, local expertise

Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!

Large network of specialist lenders

Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.

Tailored loan solutions

Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.

Friendly, local expertise

Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!

how do i apply for a car loan? - our application process

Our Process

Step 1

Submit basic information.

Step 2

One of our expert brokers contacts you for more information.

Step 3

We review lenders and negotiate to find the best loan for you.

Step 4

We file the application on your behalf.

Still have questions?

No worries – we’re here to help. Get the reassurance you need and contact us today.

Enquire Now
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